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Side-by-side financial comparison of Enphase Energy (ENPH) and Merchants Bancorp (MBIN). Click either name above to swap in a different company.
Enphase Energy is the larger business by last-quarter revenue ($282.9M vs $175.2M, roughly 1.6× Merchants Bancorp). Merchants Bancorp runs the higher net margin — 38.6% vs -2.6%, a 41.3% gap on every dollar of revenue. Over the past eight quarters, Merchants Bancorp's revenue compounded faster (4.8% CAGR vs -3.4%).
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
Ameris Bancorp is an American bank holding company headquartered in Atlanta, Georgia. Through its bank subsidiary, Ameris Bank, the company operates full-service branches in Georgia, Alabama, Florida, North Carolina and South Carolina, and mortgage-only locations in Georgia, Alabama, Florida, North Carolina, South Carolina, Virginia, Maryland, and Tennessee. The company offers online and mobile banking options for both consumers and businesses.
ENPH vs MBIN — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $282.9M | $175.2M |
| Net Profit | $-7.4M | $67.7M |
| Gross Margin | 35.5% | — |
| Operating Margin | 54.0% | — |
| Net Margin | -2.6% | 38.6% |
| Revenue YoY | -20.6% | — |
| Net Profit YoY | -124.9% | 16.3% |
| EPS (diluted) | $-0.06 | $1.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $282.9M | $175.2M | ||
| Q4 25 | $343.3M | $185.3M | ||
| Q3 25 | $410.4M | $171.1M | ||
| Q2 25 | $363.2M | $179.2M | ||
| Q1 25 | $356.1M | $145.9M | ||
| Q4 24 | $382.7M | $193.8M | ||
| Q3 24 | $380.9M | $149.6M | ||
| Q2 24 | $303.5M | $159.5M |
| Q1 26 | $-7.4M | $67.7M | ||
| Q4 25 | $38.7M | — | ||
| Q3 25 | $66.6M | $54.7M | ||
| Q2 25 | $37.1M | $38.0M | ||
| Q1 25 | $29.7M | $58.2M | ||
| Q4 24 | $62.2M | — | ||
| Q3 24 | $45.8M | $61.3M | ||
| Q2 24 | $10.8M | $76.4M |
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | — | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | — |
| Q1 26 | 54.0% | — | ||
| Q4 25 | 6.5% | 39.9% | ||
| Q3 25 | 16.1% | 37.8% | ||
| Q2 25 | 10.2% | 27.3% | ||
| Q1 25 | 9.0% | 52.4% | ||
| Q4 24 | 14.3% | 66.0% | ||
| Q3 24 | 13.1% | 54.4% | ||
| Q2 24 | 0.6% | 62.2% |
| Q1 26 | -2.6% | 38.6% | ||
| Q4 25 | 11.3% | — | ||
| Q3 25 | 16.2% | 32.0% | ||
| Q2 25 | 10.2% | 21.2% | ||
| Q1 25 | 8.3% | 39.9% | ||
| Q4 24 | 16.2% | — | ||
| Q3 24 | 12.0% | 41.0% | ||
| Q2 24 | 3.6% | 47.9% |
| Q1 26 | $-0.06 | $1.25 | ||
| Q4 25 | $0.29 | $1.28 | ||
| Q3 25 | $0.50 | $0.97 | ||
| Q2 25 | $0.28 | $0.60 | ||
| Q1 25 | $0.22 | $0.93 | ||
| Q4 24 | $0.46 | $1.84 | ||
| Q3 24 | $0.33 | $1.17 | ||
| Q2 24 | $0.08 | $1.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $497.5M | $83.2M |
| Total DebtLower is stronger | — | $32.0M |
| Stockholders' EquityBook value | $1.1B | $2.3B |
| Total Assets | $2.7B | $20.3B |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $497.5M | $83.2M | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.6B | — |
| Q1 26 | — | $32.0M | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $1.1B | $2.3B | ||
| Q4 25 | $1.1B | $2.3B | ||
| Q3 25 | $995.0M | $2.2B | ||
| Q2 25 | $880.6M | $2.2B | ||
| Q1 25 | $810.7M | $2.2B | ||
| Q4 24 | $833.0M | $2.2B | ||
| Q3 24 | $931.4M | $1.9B | ||
| Q2 24 | $884.5M | $1.9B |
| Q1 26 | $2.7B | $20.3B | ||
| Q4 25 | $3.5B | $19.4B | ||
| Q3 25 | $3.3B | $19.4B | ||
| Q2 25 | $3.2B | $19.1B | ||
| Q1 25 | $3.1B | $18.8B | ||
| Q4 24 | $3.2B | $18.8B | ||
| Q3 24 | $3.3B | $18.7B | ||
| Q2 24 | $3.2B | $18.2B |
| Q1 26 | — | 0.01× | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.40× | — | ||
| Q2 24 | 1.47× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $102.9M | — |
| Free Cash FlowOCF − Capex | $83.0M | — |
| FCF MarginFCF / Revenue | 29.3% | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $145.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-341.2M | ||
| Q3 25 | $13.9M | $29.8M | ||
| Q2 25 | $26.6M | $-121.2M | ||
| Q1 25 | $48.4M | $148.0M | ||
| Q4 24 | $167.3M | $-835.3M | ||
| Q3 24 | $170.1M | $-492.6M | ||
| Q2 24 | $127.1M | $51.1M |
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-362.2M | ||
| Q3 25 | $5.9M | $24.0M | ||
| Q2 25 | $18.4M | $-125.7M | ||
| Q1 25 | $33.8M | $141.2M | ||
| Q4 24 | $159.2M | $-853.7M | ||
| Q3 24 | $161.6M | $-497.2M | ||
| Q2 24 | $117.4M | $45.8M |
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -195.5% | ||
| Q3 25 | 1.4% | 14.0% | ||
| Q2 25 | 5.1% | -70.1% | ||
| Q1 25 | 9.5% | 96.8% | ||
| Q4 24 | 41.6% | -440.6% | ||
| Q3 24 | 42.4% | -332.4% | ||
| Q2 24 | 38.7% | 28.7% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 11.3% | ||
| Q3 25 | 2.0% | 3.4% | ||
| Q2 25 | 2.3% | 2.5% | ||
| Q1 25 | 4.1% | 4.7% | ||
| Q4 24 | 2.1% | 9.5% | ||
| Q3 24 | 2.2% | 3.0% | ||
| Q2 24 | 3.2% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | 0.54× | ||
| Q2 25 | 0.72× | -3.19× | ||
| Q1 25 | 1.63× | 2.54× | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | -8.04× | ||
| Q2 24 | 11.73× | 0.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENPH
Segment breakdown not available.
MBIN
| Net Interest Income | $128.6M | 73% |
| Noninterest Income | $46.6M | 27% |
